Alex Frank:
Thank you Todd. FSAM completed its’ IPO on November 4th 2014 issuing 6 million shares of class A common stock at $17 per share. The total proceeds now net of underrating discount we’re $95.9 million. We ended the 3rd quarter of 2014 with total AUM of $6 billion, a 55.4% increase from the 3rd quarter of 2013. Fee earning AUM for the quarter ended September 30th 2014 increased 60.6% to 4.8 billion from the quarter ended September 30th 2013. Much of the AUM growth in the 3rd quarter was driven by equity raises at FSC and the FSFR as well as the launch and ramping of senior loan fund 2 which is our 2nd senior loan fund that we intend to securitize as part of our CLO platform.
Total revenues increased by 44.1% to $25.4 million for the quarter ended September 30th 2014 as compared to $17.6 million for the quarter ended September 30th 2013. The growth in total revenues was driven by the increase in year over year fee earning AUM. For the 3 months ended September 30th 2014, we generated $23.1 million in management fee revenue which accounts for 90.8% of total revenue. After adjusting for non-recurring items, total expenses increased by 31.1% or $2.2 million to $9.4 million for the quarter ended September 30th 2014 as compared to $7.2 million for the quarter ended September 30th 2013.
The increases in expenses was due primarily to increases in occupancy cost and other general and administrated expenses. For the quarter ended September 30th 2014, we generated $16.7 million of pre-tax adjusted net income versus $10.5 million for the quarter ended September 30th 2013. We generated $11.8 million in dollars of pro formed adjusted net income for the quarter ended September 30th 2014 vs $9.7 million for quarter ended September 30th 2013. For the September quarter we generated pro formed adjusted net income per share of 24 cents as compared to 19 cents in the prior year.
Despite not being public during the September quarter we are reporting our adjusted net income per share in a pro forma basis including the impact of pro forma estimated taxes, also in November we closed on a $176 million 5 year syndicated senior unsecured revolving credit facility jointly led by Morgan Stanley and Sumitomo Mitsui. The credit facility was undrawn and closed and has a $100 million accordion feature for total potential capacity of up to $276 million. The credit facility carries a very attractive interest rate in any borrowing facility will initially grew interest at live work plus 200 basis points. We expect to utilize this facility to among other things, facilitate the growth of our existing business clients, provide fee capital to expand complimentary businesses and funs and cover working capital needs. I will now turn back over to Robin.
